#InvestopediaCliffNotes #Crypto
I am by no means an expert on cryptocurrency and so remember this is just my best swing at it. From interacting with the #PublicCommunity I know there is a lot of knowledge on this subject matter and so lets go ahead and aggregate it here down in the comments section 👇. Our own little r/ community on Public. Feel free to create your own groups too!
The Breakdown:
- Cryptocurrency is a digital currency usually secured by blockchain technology built to be decentralized and hopefully free from manipulation or government control (🙄 in theory ... i'm looking at you Elon! 🤣 not so much Mark Cuban 🥱)
- Crypto is in the nascent or baby phase - hiccups and wild swings are the norm and to be expected, but we truly can only speculate as to how this will impact our future ... if you are old enough to think back to the rolling out of the internet or even iPhones
Where can I find Crypto:
- Honestly i've been real lazy and so I use Robinhood - but this means I technically don't own my crypto and can't withdraw it ... maybe $HOOD will roll out the wallet after their IPO
- Other places are $COIN ... don't even ask me how to mine it cause I have zero clues (seriously you guys need to fill in the gaps - like about the fees or even interest rates)
- ETFs and mainstream brokerages will likely come and follow the money and consumer interest
What should I know about Crypto before investing:
- Crypto has minted many #CryptoMillionaires and as a result spawned many ALT coins and "influencers" peddling their 💩 coins
- We have no idea what the implications of what we are living through right now is ... neither did we during the dot com or tech pop
- While the asset might look different - a lot of investing principals seem to still be holding true but this is definitely just my opinion
What are the downside of investing in Crypto:
- This depends on where you see Crypto going in the future ... i'm sure the people that used Bitcoin to buy pizza back in the day are feeling 🐑ish right now
- This could be like the dot com bubble and mint generational wealth for some and bankrupt the over leveraged for others - ⚠️ buyer beware
- This could disrupt the financial industry and government ... probably some truth to this or why else would China be cracking down so hard?
- This is a highly speculative play = high volatility - check your emotions at the beginning of the 🎢 ride before boarding this one
P.S.: To those following for the #StockMarketChallenge - will build out the rules and drop a post on Saturday and then create a message board post 8/2 before market open where people can post their trades as they happen or give a weekly update. To answer a common question - it can be new or old $100, I simply want you to participate. Old money will be hard to track, but I don't want you selling short positions to participate so just pick out what fractional shares of investments you want to use that has equivalent value of $100 and then up to you to track them. For the new $100 you get a clean slate but the more you buy and trade the more you have to keep track of. Any investment strategy is welcomed - you certainly don't have to use mine, but I am curious to see who will win August (don't worry I'll do this monthly for the rest of 2021).
#FunFacts #TheMoreYouKnow #Ethereum #Bitcoin #Doge #EarlyAdopters #MoonOrBust
#HumpDay #MikeMikeMike
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Thanks! Some more info:
* You can buy crypto with 0% fees on Voyager (referral code KATBEC, you'll get $25 for the first $100 you spend) or on Strike app.
* Mining is rather involved and not really profitable nowadays unless you run a farm and have access to cheap electricity. One investing idea here is to invest in companies providing mining services (like $BITF , a Canadian company located near hy…See more
Thank you @TheDennis
MrWiggles@wiegelman
T Gilchrist@tgilchrist
Maybe this is outdated now, but I bought my Bitcoin on coinbase and hold it in a hard wallet. There were fees but minimal.
June Joan@JuneJoanK
I have crypto on another brokerage and the spread is big, i hate it there and there is no way I can transfer to other brokerage, that is why I am just leaving my money in there and wait for a few gains if ever, I should have read about them first before jumping in. I am trying to build crypto in webull but I am more focus on stocks right now because of how the market is.
MrWiggles@wiegelman
I used Coinbase Pro…also slight fees - search google for comparison.
B
Ben@benjammin1234
@ctsshah cold storage refers to holding crypto somewhere that’s not connected to the internet (certain hardware wallets, a separate computer with no connection, etc.)
It’s more secure, but the trade off is it’s harder to access.
On the flip side, hot storage are wallets or anywhere you’d hold crypto that is connected to internet. Less secure, but easier to access your money and quicker to make paym…See more
@JuneJoanK yup mine just sits in $HOOD and I stopped looking cause it was sad
@wiegelman was that the best one you found or just biggest one that felt safe?
@benjammin1234 good to know. Thanks for helping to build this out w/ content! For those who stumble onto this in the future
@ctsshah what @benjammin1234 said. One more thing re cold storage is that you can literally store your crypto on paper. No need to buy a device. It's actually considered to be one of the most secure ways since you can break your key into several parts, put each part on a separate piece of paper and store them in different locations (e.g. your house, your parents house, etc). https://cryptoadventure.…See more
@JuneJoanK does the other brokerage limit withdrawals? Or are there any other restrictions?
June Joan@JuneJoanK
@TheDennis , not sure. I barely use them, my money just sits in there and its loosing money, its not much though.
@ctsshah you could consider putting at least some of it in an Earn program offered by many exchanges. For example, Gemini (a US based exchange run by the Winklevoss twins, of FB fame) currently offers 7.4% APY on Doge. Voyager (referral code above) offers 5.75% APY on Bitcoin. So you basically hold your Bitcoin and get recurrent payouts (usually daily).
@TheDennis I find all of these new fangled things to be fascinating. Thanks for sharing
@JuneJoanK I see. Maybe it's still worth checking if they have an Earn option so at least you get some compound interest while keeping the money there.
@ctsshah sure, always a pleasure.
public member@CryptohGaga
I use Coinbase and I even have a Coinbase card and I get 4% Cashback in XLM. here's a $10 in #btc if you sign up with my link, Coinbase .com/join/lahti_wd -- If you message me I can also hook you up with games that pay out BTC, ETH, LTC & Doge ~~~ Coinbase will also give you about $56 in free crypto for doing easy "non failable quizes" good luck 🚀🚀🚀🤗
@CryptohGaga Wait what…. XLM? Games? Quizzes?
public member@CryptohGaga
@ctsshah here ya go https://ko-fi.com/cryptohgaga ~~~ I have links on my page. They are little fun games
MrWiggles@wiegelman
@ctsshah “@wiegelman was that the best one you found or just biggest one that…” unsure I understand. Link was about US gov’t trying to compete or better yet replace crypto as I see it, they want to control everything…lol
@wiegelman I’m not sure I understood the question. I’m sorry
MrWiggles@wiegelman
@ctsshah you commented on my post so unsure I knew what you meant, hence my reply…chat can be tough
public member@CryptohGaga
I use #Coinbase and my referral gives $10 in BTC CoinbaseDOT.com/join/lahti_wd~~ only fees involving USDC are $0.99 ~~~ converting crypto is free. So if you buy $1000 of ADA it costs 99¢ but if you convert any crypto it's free. Right now they are giving $40 in free crypto if you're new, you take quizes that you cannot fail and earn $10 in XLM, $10 in FORTH, $3 in BAL, CLV, GRT, AMP, $9 in COMP 🥰🥰🥰…See more
I feel China like with everything else is looking to crack down on its crypto activity so it can own it. Its the same they do to the people. Soon China will either have its own coin, or back something that solely benefits its government. China in its way are bullish, and done right at times seem entitled to others work and progress. (Kinda reminds me of old daffy duck episodes of bugs bunny. "It's…See more
@wdouglasv 😂 brought me way back
Up almost 14% on my Doge so hopefully that will keep going in the same direction for a while. I figured the longer I keep it in there the higher is going to go. So this would be a long-term for me and I will be glad when this platform gets their crypto session going which they told me they were working on.
@LilBigWitch I’m -47.66% as of 30 seconds ago with Doge… I think they forgot about me